Tether’s excess reserves near $8B as Q3 profit hits $1.5B

Tether reported a $1.5 billion operating profit for the third quarter of 2026, with its excess reserves nearly doubling to $7.95 billion.

The stablecoin issuer’s latest attestation, prepared by BDO, shows it held $191.5 billion in assets against $183.5 billion in liabilities at the end of September. The company’s direct and indirect holdings of US Treasury bills totaled $132.4 billion, an amount comparable to South Korea’s holdings of US government debt.

Tether’s Bitcoin reserves were valued at $8.37 billion, up from approximately $5.8 billion at the end of the previous quarter. The firm’s net operating profit for the first nine months of the year reached $4.5 billion, primarily driven by income from US Treasury holdings and reverse repurchase agreements.

CEO Paolo Ardoino stated last week that USDT’s user base has surpassed 700 million, with adoption concentrated in emerging markets. Tether’s USDT remains the dominant stablecoin, accounting for roughly 60% of the total stablecoin market.